JAKARTA - Turkey's stock exchange, Borsa Istanbul, returned to its worst week as it did during the global financial crisis in 2008.

Last week, the Borsa Istanbul 100 Index fell 14.99%. This index returned to its lowest position since November 2024 yesterday.

The lira exchange rate against the US dollar also fell by around 4% during the week, to 37.9 per US dollar on Friday (21/3). This is the lowest position in history.

The Turkish government on Wednesday had just arrested politician and Mayor of Istanbul, Ekrem Imamoglu, for being an opposition to President Recep Tayyib Erdogan.

Ekrem's arrest made Turkey's political tension even more heated, triggering massive protests in the heart of the Turkish government.

JPMorgan analysts assess that currently bond instruments are the only hope for the Turkish capital market. ‘We hope the Turkish Government can prioritise market stabilisation in the coming days,’ JPMorgan analysts were quoted as saying by Reuters, responding to the collapse of the Turkish stock market. (KR/LM)